Swiss Re estimated total insured market losses of the insurance industry due to the July floods in Europe at approximately US$12 billion.
The insurer also updated its own loss estimate for the July floods at approximately US$520 million.
Mid-July’s intense rainfalls and storms over Western and Central Europe caused widespread and record-breaking flooding. Germany, Belgium, Luxembourg, France, Netherlands, Switzerland, Italy, and Austria were affected.
In August, catastrophe modeler RMS estimated that insured losses from the flooding would likely range between €5 billion and €6.5 billion (US$6 billion and US$7.7 billion).
Also, on an industry level, Swiss Re estimated total insured market losses from Hurricane Ida in the U.S. in late August to be in the range of US$28–30 billion, not including government flood insurance losses. Swiss Re estimated its own preliminary claims burden from Hurricane Ida at approximately US$750 million.
Photograph: A woman looks at cars and houses damaged after flooding in Liege, Belgium, on Monday, July 19, 2021. Photo credit: AP Photo/Valentin Bianchi.
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